Today Square officially launched its cash by email service known as Square Cash. The new payment system functions much like Google's Wallet service in that you can transfer money to friends, sellers, or even strangers simply by sending an email. Square has been beta testing this with a few users now for several months and it has been met with rave reviews.

The service works by composing an email to the person you want to send money to. The sender must CC cash@square.com and only place the amount of money they wish to send in the body. If the sender has a credit card on file with square and the email address matches up, then the transfer will go through. The recipient must also have a debit card or bank account on file for the transaction to complete. The company has also released native apps for Android, and iOS that facilitate the process on mobile as well.